The technicals continue to hover around critical support levels. Yesterday, the long bond ended below the lower boundary of its very short term trading range, voiding that trend. Minor support exists around four points lower; if that gives, then it is another 19 points to the lower boundary of its intermediate term uptrend. With the Market worried about rising interest rates, this is clearly not a good sign.
The S&P finished below the lower boundary of its short term uptrend for the second day; if it closes there today, it will reset to a trading range.
Thursday in the charts.
January factory orders rose 2.6% versus consensus of +2.1%; ex were up 1.7% versus 1.9% in December.
Median new home price decouples from median household income.
OPEC leaves production unchanged.
Nowcasts project strong Q1 GDP growth.
Powell delivers a nothing burger.
Will the stimulus package cause inflation?
Food price inflation accelerates.
Which experts were right?
The latest from Jim Grant (must read).
More on valuations.
News on Stocks in Our Portfolios
Kroger : Q4 Non-GAAP EPS of $0.81 beats by $0.13; GAAP EPS of -$0.10 misses by $0.79.
Revenue of $30.74B (+6.4% Y/Y) misses by $50M.
What I am reading today
Photos from Mars.
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